Reporting substantial increases in both revenues and earnings per share from continuing operations, Providence-based Textron Inc., the world’s biggest
maker of business jets through its Cessna unit, posted strong first-quarter results Thursday.
Textron reported first-quarter 2006 earnings per share from continuing operations of $158 million, or $1.19 per share, compared to $84 million, or 61 cents per share in the first quarter 2005. The profit surge was helped by increased aircraft deliveries and defense spending, the company said.
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Including discontinued operations, first-quarter 2006 net income was $1.26 per share, compared to 91 cents per share a year ago. Revenue in the first quarter was $2.6 billion, up 15.9 percent from a year ago.
Commercial-aircraft deliveries rose as the strengthening economy prompts companies to buy more Cessna business jets, according to Bloomberg News. Textron also benefited last quarter from rising shipments of its armored security vehicles being used in Iraq and the V-22 Osprey tilt-rotor aircraft, which was authorized for full production last year by the Pentagon for use by special operations forces, Bloomberg said.
Manufacturing cash flow from continuing operations for the first quarter was $128 million, resulting in free cash flow of $68 million.
Textron has increased its full-year 2006 earnings per share from continuing operations outlook to a range of $4.95 to $5.15, up 5 cents per share from its previous outlook. Second-quarter earnings per share from continuing operations are still expected to be between $1.15 and $1.25.
The company remains on track to deliver full-year manufacturing cash flow from continuing operations of about $1 billion and free cash flow in the range of $550 million to $600 million.
